C4 Therapeutics Soars Over 50% on Merck Collaboration to Develop Degrader-Antibody Conjugates (DACs)

Gelonghui December 13 | C4 Therapeutics (CCCC.US) surged over 50%, trading at $3.53. The stock skyrocketed more than 98% on Tuesday. C4 Therapeutics (C4T) announced an exclusive license and collaboration agreement with Merck to develop antibody conjugated protein degraders (DACs), an emerging therapeutic modality designed to selectively target and degrade disease-causing proteins in cancer cells. Under the terms of the agreement, C4T will receive a $10 million upfront payment. If Merck exercises all its options to expand the collaboration, C4T is eligible to receive up to approximately $2.5 billion in potential payments throughout the partnership.